China Bauxite Import Analysis: Domestic Bauxite Imports Hit a New Monthly Record in August [SMM Analysis]

Published: Sep 20, 2024 14:01

Source: SMM

Save

According to the General Administration of Customs of China, in August 2024, China imported 15.546 million mt of bauxite, up 3.64% MoM and up 34.23% YoY, setting a new monthly import record.

According to the General Administration of Customs of China, in August 2024, China imported 15.546 million mt of bauxite, up 3.64% MoM and up 34.23% YoY, setting a new monthly import record. From January to August 2024, China imported a total of 107.8974 million mt of bauxite, up 11.8% YoY. (HS code: 26060000)

By country:

In August, imports from Guinea were 11.0036 million mt, up 4.90% MoM and up 50.79% YoY; imports from Australia were 3.6275 million mt, down 6.67% MoM and down 0.70% YoY; imports from Turkey were 330,600 mt, from Brazil 145,600 mt, from Laos 138,400 mt, from Ghana 126,100 mt, from Malaysia 123,500 mt, and from Côte d'Ivoire 50,600 mt.

Regarding major bauxite import sources:

In August, the total volume of bauxite imported from Guinea saw a slight MoM increase and a significant YoY increase of over 50%, setting a new monthly import record. SMM analysis indicates that, on one hand, bauxite shipments from Guinea were concentrated before the rainy season, with shipments in June up MoM; on the other hand, the reduction in domestic bauxite arrivals was mainly in the last week of August, so the impact on August imports was relatively small. From January to August 2024, the total volume of bauxite imported from Guinea was 77.7997 million mt, up 12.56% YoY, accounting for 72.11% of total imports. Starting at the end of August, the impact of Guinea's rainy season on bauxite became more apparent in domestic arrivals, with the focus of bauxite arrivals shifting downward. It is expected that China's bauxite imports from Guinea in September will decrease compared to the previous period. In August, the total volume of bauxite imported from Australia saw a slight decrease both MoM and YoY. From January to August 2024, the total volume of bauxite imported from Australia was 25.2513 million mt, up 15.75% YoY, accounting for 23.40% of total imports.

Regarding non-major bauxite import sources:

In August 2024, bauxite imports from countries such as Turkey, Brazil, Laos, Ghana, Malaysia, and Côte d'Ivoire totaled 914,900 mt, accounting for 4.49% of total imports in August. From January to August 2024, cumulative imports were 4.8464 million mt, an increase of 1.0935 million mt compared to the same period in 2023, with a growth rate of 29.14%.

SMM Brief Comment: In August, both imports from Guinea and non-major import sources increased, pushing the monthly bauxite import volume to a new high. However, starting at the end of August, the focus of domestic bauxite arrivals shifted downward, and the impact of Guinea's rainy season on bauxite shipments continued. Imports from Guinea in September may decrease compared to the previous period. Fundamentals side, bauxite supply remains tight, and bauxite prices are expected to fluctuate upward in the short term.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

[SMM Aluminum Flash News] Rio Tinto and Century Aluminum Raise US Billet Premiums by Around 12%

Rio Tinto and Century Aluminum raised US billet premiums by around 12%, about 3 cents/lb. (around USD 110/t) above pre-war levels. Middle East disruptions have affected supply from the Persian Gulf, which accounts for about 20% of US imports, tightening domestic supply. The US Midwest premium has reached a record USD 1.1325/lb., while aluminum prices have risen over 10% since late February. Amid growing uncertainty, buyers are shifting to domestic sourcing, while producers are pushing for long-term contracts to secure pricing and supply.

3 hours ago

Tsingshan in Talks with Global Traders for $3B Aluminum Smelter in Indonesia

[SMM Aluminum Express News] Tsingshan Holding Group, led by Chinese tycoon Xiang Guangda, is in advanced discussions with global trading houses Mercuria Energy Group, Glencore Plc, and Trafigura Group for minority investments in a proposed $3 billion aluminum smelter at the Weda Bay Industrial Park in Indonesia. The planned 800,000-tonne facility (likely in two 400,000-tonne phases) would give the traders direct access to aluminum output while helping Tsingshan reduce its capital burden and gain stronger support from Indonesian authorities. This move comes as global aluminum markets face strain from supply disruptions in the Gulf region and reflects Tsingshan’s continued expansion in Indonesia’s metals sector.

3 hours ago

Geopolitical Disruptions Combined with Supply-Demand Resonance, Aluminum Prices Hold Up Well at High Levels [SMM Aluminum Morning Meeting Minutes]

[Geopolitical Disruptions Combined with Supply-Demand Resonance, Aluminum Prices Hold Up Well at Highs] Overall, from a macro perspective, risks of Middle East conflicts persist, resonating with fundamental supply-side hard damage and low global inventory to jointly provide strong bottom support for aluminum prices. However, weak interest rate cut expectations, China's aluminum ingot inventory buildup exceeding expectations, and the adverse expectations on consumption and inflation from recent high fluctuations in oil prices have all notably weighed on the upside room for aluminum prices. In the short term, aluminum prices fluctuate at highs.

3 hours ago